HB 2427 Summary

• Repeals sections 43-1076 and 43-1081.01 of the Arizona Revised Statutes, eliminating two income tax credits related to healthy forest enterprises and renewable energy.

• Adds mandatory annual reporting requirements for qualified facilities receiving tax credits, requiring submission to the Arizona Commerce Authority by March 1 each year with employee counts, compensation data, and capital expenditure information.

• Requires the Arizona Commerce Authority to report to the Joint Legislative Budget Committee by May 1 annually with aggregated data on employment, wages, and capital investments from all qualified facilities receiving tax credits.

• Adds annual reporting requirements for agricultural water conservation tax credit claimants to report water usage reductions to the Department of Revenue, with the Department reporting comparative state credit information to the Legislature by May 1.

• Requires a two-thirds affirmative vote in both houses of the Legislature for enactment and effective immediately upon governor's signature or upon three-fourths override if vetoed.